Marc Lore selling controlling stake in Timberwolves, Lynx
![Timberwolves introduce new owners Alex Rodriguez, Marc Lore [RAW]](https://static-media.fox.com/fmcv3/prod/fts/A-841039/2mrn4ell3ziyv89e.jpg)
Timberwolves introduce new owners Alex Rodriguez, Marc Lore [RAW]
The Minnesota Timberwolves on Friday introduced Alex Rodriguez and Marc Lore as the team's new majority owners. They recently closed on a $1.5 billion purchase of the franchise from Glen Taylor.
MINNEAPOLIS (FOX 9) - Marc Lore is selling his controlling stake in the Minnesota Timberwolves and Minnesota Lynx.
What we know:
Lore and Timberwolves co-chairman Alex Rodriguez confirmed Friday he is selling his controlling interest in the Timberwolves and Lynx to billionaire tech investor Marc Stad. Staud, the founder and managing partner of Dragoneer Investment Group, was a limited partner of the Timberwolves. The deal is valued at $4.5 billion, according to a report from The Athletic.
Lore will remain part of the ownership group in a limited role, the report says. Alex Rodriguez, who is part of the ownership group with Lore, will remain in his role as co-chairman of the Timberwolves and Lynx. He will serve as the more public-facing member of the new ownership group.
Lore and Rodriguez joined the franchise as limited partners in 2021, before officially buying the team from former owner Glen Taylor in 2025 for $1.5 billion.
What they're saying:
Lore, Rodriguez and Stad released the following joint statement Friday:
"We have been working together for years with a shared goal of building the Timberwolves and Lynx into the best organization in basketball on and off the floor. Our priority is and always will be championships. Our new agreement, pending league approval, is an evolution of the partnership we have built together and strengthening of our commitment to our team and our culture. We will continue to work closely with Matt Caldwell, Tim Connelly, Chris Finch and Cheryl Reeve and want to thank the fans and entire Minnesota community for your continued support. While we’re proud of the great work we’ve done, there’s so much more to do and we’re just getting started."
What's next:
The Lynx are in the home stretch of their season before the WNBA playoffs. They face the Washington Mystics Friday at 6:30 p.m. in Seattle.
The Timberwolves open their regular season on Oct. 21 on the road against the Miami Heat.
This is a developing story. Check back for updates.
The Source: Information in this story comes from a report from The Athletic and a joint statement from Marc Lore, Alex Rodriguez and Marc Stad.